Modularity in terms of the stack of elliptic curves

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Modular forms can be viewed as something like global sections of (some tensor power of) the canonical line bundle on the stack $\mathcal M_{\text{ell}}$ of (generalized) elliptic curves. Is it possible to state the modularity theorem in this context? It feels as if a connection between modular forms and elliptic curves should have something to do with a definition of one in terms of the other, but I can't figure out how the correspondence should work.

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Given a normalized newform $f$ of weight $2$ and level $N$, you get an elliptic curve by taking the piece of the Jacobian of $X_0(N)$ on which the Hecke algebra acts like it does on $f$. Modularity says the converse is true: given the elliptic curve $E$ there is some modular form such that $E$ arises from this construction.

The Kodaira-Spencer map in deformation theory gives an isomorphism between the second power of what the question refers to as the canonical line bundle on $X_0(N)$ with the bundle of one-forms on $X_0(N)$, which might be the missing link you are looking for.

As the comment suggests, you're better off thinking of the variety $X_0(N)$ than the moduli stack with no level structure, because you need the level structure to make the modularity theorem true. (It's very false that every elliptic curve gets a non-constant map from $X(1)$.)